Income tax

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Deepak

Deepak (Querist)
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03 February 2014 what are the amendment regarding tcs on sell of jewellery & bullion???

AVTAR SINGH

AVTAR SINGH (Expert)
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03 February 2014 In order to reduce the quantum of cash transaction in bullion and jewellery sector and for curbing the flow of unaccounted money in the trading system of bullion and jewellery, it is proposed to provide that the seller of bullion and jewellery shall collect tax at the rate of 1% of sale consideration from every buyer of bullion and jewellery if sale consideration exceeds two lakh rupees and the sale is in cash. This would be irrespective of the fact whether buyer is a manufacturer, trader or purchase is for personal use. Prior to 1.6.2013 "the coin or any other article weighing 10 grams or less" were excluded. But after the amendment, coins and articles have also been covered.